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Report and Financial Statements 31 December 2020 2 Big Society Capital Limited Report and Financial Statements 2020 Report and Financial Statements 31 December 2020 Contents Company Information 4 Strategic Report 5 Corporate Governance Report 27 Remuneration Report 30 Directors’ Report 33 Independent Auditor’s Report to the members of Big Society Capital Limited 35 Statement of Comprehensive Income 40 Statement of Financial Position 41 Statement of Changes in Equity 42 Statement of Cash Flows 43 Notes to the Financial Statements 44 Big Society Capital Limited Report and Financial Statements 2020 3 Company Information Directors Alan Giddins3,4 Stuart Foster (Big Society Capital Sir Harvey McGrath1,3 (Chair) Chair of Hill & Smith Holdings Director nominated by the Chair of West London Zone and plc. Formerly Managing Partner shareholder banks)2 Funding London, Trustee of New and Global Head of Private Equity Managing Director of Institutional Philanthropy Capital and Director at 3i Group and a member of Banking and Depositary Services at of the Impact Investing Institute. its Executive and Investment RBS International. Former Chair of Prudential plc, Man Committees. Group plc, Heart of the City and the Secretary London Development Agency. Anne Wade Katie Hall-May Chair of NextEnergy Renewables. Christina McComb OBE3 Non-Executive Director of John Auditor (Senior Independent Director) Laing Group plc, Man Group plc and KPMG LLP Chair of OneFamily and Standard Summit Materials. Trustee of the 15 Canada Square Life European Private Equity Trust Heron Foundation and Partner of London plc. Trustee of Nesta. Leaders’ Quest. E14 5GL David Hunter (Chair of Audit Risk Chris Wright1,4 Banker and Compliance Committee)2 Chief Executive of Catch22. Chair of HSBC plc Chair of UCLB Ltd (which Catalyst Choices CIC. Director of We 69 Pall Mall manages technology transfer are JUNO CIC, Trustee of Community London and investments/licences for Links, The Lighthouse CIO, Unlocked SW1Y 5EY University College London). Chair Graduate, Only Connect, Launch22 Registered office of the Investment Committee and Catch22 Multi-Academy Trust. New Fetter Place of the Care and Wellbeing Fund 2 8-10 New Fetter Lane (backed by Macmillan Cancer Care Fiona Ellis London and Big Society Capital). Chair of Former Chair of the BBC Appeals EC4A 1AZ the Audit Committee at Gresham Advisory Committee, Trustee of the People’s Operator Foundation, House Renewable Energy VCT1 plc. Registered number Chair of NCVO Funding Commission, Treasurer at Motability. 07599565 Trust Manager of the Millfield Kieron Boyle House Foundation and Vice Chair (Chair of Nominations and of the Nationwide Foundation and 1 Remuneration Committee)1 Futurebuilders. Member of the Nominations and Remuneration Committee Chief Executive of Guy’s and St 2 Lesley-Anne Alexander CBE1 Member of the Audit, Risk and Thomas’ Charity, Trustee of Design Compliance Committee Council and Catch22. Chair of the Non-Executive Director for 3 Member of the Investment Committee Investment Committee for Nesta’s Metropolitan Thames Valley 4 Member of the Valuation and Cultural Impact Development Housing Trust and Meridian Water Performance Committee Fund and a member of the Mayor Regeneration Company, Advisor to of London’s Childhood Obesity the Institute for Apprenticeships Taskforce. Advisory Board member and Technical Education and The of the World Policy Institute and the MicroLoan Foundation. Former Global Steering Group for Impact CEO of the RNIB and Director of Investment. Operations for the Peabody Trust. 4 Big Society Capital Limited Report and Financial Statements 2020 Strategic Report Big Society Capital Limited Report and Financial Statements 2020 5 Strategic Report Introduction The following report sets out Big Society Capital’s key activities on our website. The interviewees and the supporting data during 2020 together with the financial performance for demonstrated that Big Society Capital has made substantial the year. In a year defined by the global pandemic, the progress towards its ambitious and challenging objectives need for the business to succeed in its aim to improve the as a result of its activities as a social investment wholesaler lives of people in the UK was greater than ever. Covid-19 and as a market builder. A number of useful suggestions brought great challenge, both to individuals and to many of were also made for further consideration, allowing Big the organisations which Big Society Capital seeks to support Society Capital to take stock and consider how it might build and to collaborate with. The company worked closely on successes and address issues. The company committed with government and other partners in the early stages to a schedule of actions to be taken throughout the second of Covid-19, to support organisations in the Social Impact half of 2020 and into 2021 to maintain and enhance its Investment Portfolio. Big Society Capital adapted its existing performance in respect of stakeholder experience. A full investments through capital and interest rate holidays, to outline of this plan can be found on the website. give cashflow relief to organisations affected by the crisis, and shared important information for the sector across Big Society Capital’s long-term objective is to generate the Big Society Capital and Good Finance websites. It also positive financial returns alongside demonstrable social co-ordinated with a range of investors and the Department impact. The company made a profit in 2020, and this for Digital, Culture, Media & Sport (DCMS) to provide new will be used to achieve further social impact, by making funding, which included the accelerated release of £45 million investments to address social issues aimed at improving of previously committed dormant account money to the lives in the UK. The generation of financial returns will also company. This enabled the establishment of the £25 million enable the company’s operational and market building Resilience and Recovery Loan Fund (managed by Social costs to be covered, and move the company towards Investment Business and financed by Big Society Capital) to generating returns for its shareholders. When balanced provide emergency loans to social enterprises and charities against losses in previous years the positive returns in 2020 disrupted by Covid-19, changes to the £30 million Community put us on a track towards operating on a sustainable basis, Investment Enterprise Facility to allow loans under the although as noted in the financial performance commentary Coronavirus Business Interruption Loan Scheme, and the on page 12, there are potential future downsides to repurposing and rescheduling of planned commitments. portfolio performance as government support measures put in place to support the economy during the Covid-19 The company took a significant step in 2020, with the launch pandemic are unwound. of the Schroder BSC Social Impact Trust plc (SBSI), where the company is the delegated portfolio manager, the first This report looks back at the year 2020, a year in which time it has undertaken such a role. SBSI has invested in many of the company’s objectives set out in its Business high-impact housing, debt funds for social enterprises, and Plan were disrupted or delayed, and crucial new initiatives social outcomes contracts, creating the potential to bring undertaken in response to the Covid-19 pandemic to ensure considerable further investment into the social impact new investment was directed where the need was most market, which has grown six-fold since the company was significant. The speed and scale of Big Society Capital’s established in 2012. response is largely due to the commitment, adaptability and dedication of our Executive Committee members as well as 2020 also saw the publication of the Independent the entire staff team, to whom grateful thanks are due. In Quadrennial Review into Big Society Capital carried out on May 2020 Cliff Prior stepped down after four years as Chief behalf of the Oversight Trust - Assets for the Common Good Executive. At that time Stephen Muers was appointed Interim (the Oversight Trust), which provided a valuable external Chief Executive pending the appointment of a permanent perspective. Both the report and the responses from the Chief Executive. The business is currently developing a fresh Oversight Trust and Big Society Capital are available in full strategy and updated organisational goals through to 2025. 6 Big Society Capital Limited Report and Financial Statements 2020 Strategic Report Strategy and purpose Big Society Capital’s overriding Working with expert partners, it seeks to understand people’s needs first. Then, using its knowledge and capital, purpose is to improve the lives it collaborates and invests with fund managers and social banks who also want to create a better, sustainable of people in the UK, through future. They, and the social enterprises and charities they investment with a sustainable invest in, create the impact. Big Society Capital’s role is to bring the most relevant experts from its network to the return. The company exists table, generating ideas and connecting capital to where to make a difference: to it’s most needed. help create a fair society by Big Society Capital is currently focusing its efforts on three areas where it believes social impact investment improving the lives of people can be particularly effective: homes for people in need, in the UK through investment. supporting places and early action to address the root causes of
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